Insolvent Australian diocese to sell church schools & properties

The Synod of the Diocese of Bathurst in the Anglican Church of Australia has authorized its bishop, the Rt. Rev. Ian Palmer, to sell ten church properties, including All Saints College in Bathurst to satisfy a multi-million debt owed to a commercial bank. On 9 April 2016 the synod authorized the bishop to liquidate church assets to settle the debt and to “take any other action in order to fulfil the obligations agreed in this settlement.” In 2012, Bishop Palmer’s predecessor, the Rt. Rev. Richard Hurford told the diocese it was a guarantor of $38 million in debts incurred by the Orange and Dubbo Anglican Grammar Schools and All Saints’ College in Bathurst.  The diocese was unable to make a balloon payment of $8 million due in September 2012 prompting its creditors to push the diocese to liquidate properties to raise cash. In 2013 the diocese sold its two grammar schools, but was unable to pay off the balance of the loan. It asked the courts for relief, but last month the New South Wales Supreme Court held it was responsible for the balance owed to the Commonweath Bank. 

- Advertisement -spot_img

Latest Articles

Similar articles